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CFTC launches a comprehensive investigation into Polymarket, including allegations of wash trading, affecting the Robinhood event contract ecosystem; Nasdaq distributes TotalView market data on-chain through Pyth Network for the first time

According to BBX data, the prediction market faced a dual attack yesterday, with traditional exchange infrastructure accelerating its on-chain transition. The core dynamics are as follows:The prediction market/event contract ecosystem where Robinhood Markets, Inc. (NASDAQ: $HOOD) operates suffered a dual regulatory blow yesterday: first, the U.S. Commodity Futures Trading Commission (CFTC) has launched a comprehensive investigation into Polymarket (privately held), covering its social media activities and suspected wash trading behaviors; second, a Michigan court ruled to prohibit Kalshi (privately held) from offering sports betting services to residents in Michigan. Although these two incidents directly target Polymarket and Kalshi, their strategic importance to Robinhood cannot be ignored—Robinhood provides event contract products linked to KalshiEx LLC or ForecastEx LLC through its subsidiary Robinhood Derivatives LLC, making it the largest distribution channel for prediction markets among regulated brokers in the U.S. The CFTC's escalation of enforcement investigations into similar platforms will directly impact Robinhood's event contract business compliance framework and product expansion speed; in June, the average daily trading volume in this sector reached a historic record.Nasdaq, Inc. (NASDAQ: $NDAQ) announced yesterday that it has chosen Pyth Network (on-chain price oracle protocol) as its on-chain distribution partner for TotalView (Nasdaq's full market depth data product), marking the first time Nasdaq has integrated its core institutional-level market data into a blockchain network—TotalView provides full-level buy and sell quotes and transaction data for the U.S. stock market, historically only available to traditional financial institutions (subscription-based); on-chain distribution means that DeFi protocols, decentralized exchanges, and smart contracts can now access Nasdaq-level real-time equity market data as an on-chain pricing basis for the first time. The Pyth Network token (PYTH) subsequently rose by over 6%, with the market interpreting this as a historic fusion point between traditional securities market infrastructure and decentralized finance.

JPMorgan: SpaceX's inclusion in the Nasdaq 100 index could bring in $4.3 billion in passive fund inflows

According to Reuters, Nasdaq has confirmed that SpaceX (SPCX) will be included in the Nasdaq 100 Index on July 7, which may bring a wave of passive fund buying for the stock. Inclusion in the index typically boosts stock prices, as ETFs that track the performance of the relevant index need to purchase shares of newly included companies. JPMorgan expects that SpaceX's inclusion in the Nasdaq 100 Index could bring in $4.3 billion in passive fund inflows.SpaceX went public on Nasdaq on June 12. To attract more companies to list in the U.S., Nasdaq and index providers such as FTSE Russell and MSCI have previously relaxed some inclusion requirements, including profitability, days since listing, and the number of tradable shares. SpaceX has fluctuated between significant losses and small profits over the past three years, with a net loss of $4.9 billion last year.Michael Field, Chief Equity Market Strategist at Morningstar, stated, "Clearly, there is strong market demand, which is why they are quickly including it in the index." He added that many people will be satisfied with this, but some fund managers and skeptics may not agree, as Morningstar believes the stock is overvalued. Investors typically gain broader market exposure through funds that track the Nasdaq 100 Index, such as Invesco's QQQ and QQQM. Additionally, large language model companies like OpenAI and Anthropic are also expected to submit IPO applications this year or next and may seek valuations exceeding $1 trillion.However, S&P Global stated this month that it will not adjust the requirements for SpaceX to enter major indices like the S&P 500 and will consider including it in relevant indices only after at least 12 months.
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